David Galloway

When we repair or make our own items there are obvious benefits such as money we didn't have to shell out to repairmen or skilled artisans, but there are also many hidden benefits such as transferable skills, inspiring your children to try projects, and self reliance that makes you less apt to panic when things do go wrong.

Personal finance weblog The Simple Dollar also argues that the skills learned through DIY will allow you to barter for other needed items or skills. Think about it, lets say you learn how to replace parts of a broken toilet instead of calling a plumber. Your costs are parts and tools you may need and your time versus calling a plumber. You may not save a tremendous amount the first time you are called upon to use your toilet-repair skills but if you do this three times throughout your life you'll undoubtedly save money in the long run. Not only that but you'll better understand how plumbing works in general and have the confidence to take on more advanced plumbing projects. Finally, if your neighbor who runs a landscaping business has a broken toilet you might be able to trade a couple hours of your time for free lawn care for the next few months.

In the end spending four hours learning to fix a problem that a plumber could repair in one hour may save you enough to make up for that lost time several times over. Photo by Chad Magiera